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July 28, 2026
On June 21, Hunt Capital Partners (HCP) celebrated the grand opening of the rebuilt Kaiaulu o Kupuohi community, which was destroyed by the 2023 Lahaina wildfires.
Developed by Ikena Companies and the nonprofit Ikaika 'Ohana, Kaiaulu o Kupuohi is now fully occupied by local Lahaina families, half of whom were original residents and the other half fire victims.
To preserve the federal and state Low-Income Housing Tax Credits that financed the development, the team had roughly 25 months from the Bank of Hawai'i loan closing to complete construction. Those credits formed the financial backbone of the project.
Meeting that window required a coalition of partners who refused to let the project fail. The developer, Ikena Companies and Ikaika 'Ohana led the effort on the ground. HCP syndicated the tax credit equity. The Hawai'i Housing Finance & Development Corporation (HHFDC) and Bank of Hawai'i provided essential public and lending support, Maui County contributed grant funding, and the general contractor paced reconstruction plans.
Special guests at the Kaiaulu o Kupuohi grand opening included Maui County Councilmembers Tamara Paltin and Tom Cook. HCP President Jeff Weiss represented Hunt.
"Seeing this community open its doors again is a moment none of us will forget," said Weiss. "We are honored to stand with Ikena Companies and Ikaika 'Ohana in welcoming residents home to Lahaina."
Kaiaulu o Kupuohi is a LEED Gold community that offers a mix of 20 one-bedroom, 34 two-bedroom and 34 three-bedroom units, plus one on-site manager's unit, home-restricted to households earning up to 30%, 40% and 60% of the Area Median Income (AMI).
As with other Ikaika 'Ohana communities, Kaiaulu o Kupuohi residents enjoy a host of health, education and financial services that are being tailored to meet the needs of those who live there. On-site social service coordinators will help ensure that residents receive ongoing support and connection to resources.
HCP is Hunt's tax-credit syndication division. The project was financed by $24.1 million in federal Low-Income Housing Tax Credits (LIHTC) and $12.1 million in Hawai'i state LIHTC syndicated by HCP.
Kaiaulu o Kupuohi is one of HCP's 25 current projects in Hawai'i with 12 different developer partners. Since its inception in 2010, HCP has worked to create 1,889 new or renovated affordable homes in every county across the state, providing housing for approximately 5,375 island residents.
"Our long history in Hawai'i made all the difference here," said John Lee, managing director of investor relations and funds management at HCP. "Knowing these islands, these partners and what it takes to build in this community gave us the footing to move fast when every month counted. That scope is what helped us preserve the credits and get families home."
The rebuilding of Kaiaulu o Kupuohi stands as proof of what committed partners can accomplish together, putting local families back into safe, quality, affordable homes, even against the longest odds.
